The Average American Citizen Could Have Saved $600 by Opting for Blockchain Over Credit Cards
In an eye-opening revelation by Coinbase’s “State of Crypto Report,” it has been highlighted that Americans could have significantly reduced their financial burden by embracing blockchain technology for transactions. Specifically, the report estimates a staggering $74 billion in potential savings on credit card transaction fees in 2022 alone, averaging out to about $600 per household.
This considerable sum underscores the financial impact of transaction fees on consumers and illustrates the potential for blockchain to offer a more economical alternative. The findings are based on data from reputable sources such as the Securities and Exchange Commission, U.S. Census Bureau, Statista, and insights from The Block Research, demonstrating a broad desire among Americans for a financial system overhaul that promises reduced costs and enhanced accessibility.
Public Demand for a Faster and More Affordable Financial System
The Coinbase report further delves into the public’s growing dissatisfaction with the current state of financial transactions, revealing that over 60% of Americans are clamoring for a system that is not only faster but also more cost-effective. The dissatisfaction stems from the exorbitant fees associated with credit card transactions, which not only affect consumers but also burden merchants with over $126 billion in processing fees annually, making it their second-largest expense after labor costs. By leveraging blockchain technology, both merchants and consumers stand to benefit from a drastic reduction in transaction fees, essentially paying “next to nothing.” The report’s findings are a clarion call for an updated financial system, with more than 70% of respondents expressing a desire for a system that charges less in fees and operates more efficiently.
Coinbase, a leading cryptocurrency exchange, is at the forefront of advocating for the integration of blockchain technology to achieve these goals, not just in the U.S. but globally. As the custodian for several newly launched spot bitcoin ETFs from major financial firms, Coinbase is significantly contributing to the accessibility and regulation of digital assets, further emphasizing the potential of blockchain technology to revolutionize the financial landscape.